Investors urged to invest in Nam's agricultural sector

11 Mar 2014 13:30pm
By Maggy Thomas
NEW YORK, 11 MAR (NAMPA) - Prime Minister Hage Geingob has called on investors to help develop Namibia’s agriculture and service sectors, and not only invest in its natural resources.
Currently, Namibia imports most of its agricultural products from neighbouring South Africa.
Speaking during a meeting between international investors and a Namibian business delegation here on Monday, Geingob said currently, investors are only interested in extracting Namibia’s resources such as oil, gas, diamonds and uranium.
“We have vast areas for agriculture, tourism and manufacturing which need to be developed further,” he stated.
He noted that Namibia has good governance and democracy is flourishing, which are the major requirements to attract investment, but investors are not forthcoming.
The Premier then called on American investors to invest in developing his country’s agriculture and tourism sectors.
“In our quest to become an industrialised nation, we would like to see more American companies in Namibia setting up processing plants and adding value, especially to our agricultural products such as meat, crops and vegetables, and create industries to stimulate our economic growth,” he stated.
Geingob added that whoever wants to invest in Namibia, must come with the purpose of joining Namibians to add value to their raw materials in order to export finish products.
Geingob and his countrymen are visiting the United States of America (USA) to seek and engage potential investors and business partners in the quest towards industrialisation and global competitiveness.
The importance of the USA to Namibia's development is underscored by its partnership in improving health services, strengthening education and expanding trade and development opportunities, through programmes such as the Millennium Challenge Account, Africa Growth and Opportunity Act (AGOA), among others.
The USA is a market for Namibia's products such as grapes, dates and fish, while Namibia imports from the USA among others vehicles, machinery, chemicals and electronics.
The meeting was organised by the Corporate Council on Africa (CCA).
The CCA was established in 1993 at the forefront of strengthening and facilitating the commercial relationship between the United States and the African continent.
CCA works closely with governments, multilateral groups and businesses to improve the African continent's trade and investment climate and to raise the profile of Africa in the US business community.